GEFRAX: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
GEFRAX
Largest movements
- Tangible fixed assets +€68,480
up €68,480 (+1104.3%), from €6,201 to €74,681
of which Leasing and similar rights: +€49,074
- Receivables within one year -€4,607
down €4,607 (-11.3%), from €40,797 to €36,190
of which Other amounts receivable: -€10,250
- Cash -€3,603
down €3,603 (-12.1%), from €29,881 to €26,278
mainly Investment in fixed assets (net) (-€74,844) and Contributions, distributions and other (-€14,846)
- Debts after one year +€37,196
new in 2025: €37,196
- Trade debts +€15,297
up €15,297 (+256.5%), from €5,965 to €21,262
- Other debts +€9,415
up €9,415 (+210.8%), from €4,466 to €13,881
- Current portion of long-term debt +€7,524
new in 2025: €7,524
- Tax, wage and social debts -€6,043
down €6,043 (-74.1%), from €8,151 to €2,107
- Staff costs +€7,675
new in 2025: €7,675
- Taxes -€5,602
down €5,602 (-62.8%), from €8,916 to €3,313
- Depreciation +€4,419
up €4,419 (+227.1%), from €1,946 to €6,365
- Gross operating margin -€2,185
down €2,185 (-6.4%), from €34,287 to €32,102
- Financial charges +€1,505
up €1,505 (+68.4%), from €2,199 to €3,703
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €90,558 | €150,524 | +€59,966 | +66.2% |
| Fixed assets | 21/28 | €6,471 | €74,951 | +€68,480 | +1058.2% |
| Tangible fixed assets | 22/27 | €6,201 | €74,681 | +€68,480 | +1104.3% |
| Land and buildings | 22 | €119 | - | -€119 | |
| Plant, machinery and equipment | 23 | €2,607 | €21,837 | +€19,230 | +737.7% |
| Furniture and vehicles | 24 | €3,476 | €3,770 | +€295 | +8.5% |
| Leasing and similar rights | 25 | - | €49,074 | +€49,074 | |
| Financial fixed assets | 28 | €270 | €270 | = | 0.0% |
| Current assets | 29/58 | €84,087 | €75,573 | -€8,513 | -10.1% |
| Stocks and contracts in progress | 3 | €13,409 | €13,105 | -€304 | -2.3% |
| Stocks | 30/36 | €9,694 | €2,985 | -€6,709 | -69.2% |
| Contracts in progress | 37 | €3,715 | €10,120 | +€6,405 | +172.4% |
| Amounts receivable within one year | 40/41 | €40,797 | €36,190 | -€4,607 | -11.3% |
| Trade receivables | 40 | €4,199 | €9,842 | +€5,643 | +134.4% |
| Other amounts receivable | 41 | €36,598 | €26,348 | -€10,250 | -28.0% |
| Cash at bank and in hand | 54/58 | €29,881 | €26,278 | -€3,603 | -12.1% |
| Total equity and liabilities | 10/49 | €90,558 | €150,524 | +€59,966 | +66.2% |
| Equity | 10/15 | €71,976 | €68,553 | -€3,423 | -4.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €53,376 | €49,953 | -€3,423 | -6.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €51,516 | €48,093 | -€3,423 | -6.6% |
| Amounts payable | 17/49 | €18,582 | €81,971 | +€63,389 | +341.1% |
| Amounts payable after more than one year | 17 | - | €37,196 | +€37,196 | |
| Financial debts | 170/4 | - | €37,196 | +€37,196 | |
| Amounts payable within one year | 42/48 | €18,582 | €44,775 | +€26,193 | +141.0% |
| Current portion of amounts payable after more than one year | 42 | - | €7,524 | +€7,524 | |
| Trade debts | 44 | €5,965 | €21,262 | +€15,297 | +256.5% |
| Suppliers | 440/4 | €5,965 | €21,262 | +€15,297 | +256.5% |
| Taxes, remuneration and social security | 45 | €8,151 | €2,107 | -€6,043 | -74.1% |
| Taxes | 450/3 | €8,151 | €2,107 | -€6,043 | -74.1% |
| Other amounts payable | 47/48 | €4,466 | €13,881 | +€9,415 | +210.8% |
| Non-recurring operating income | 76A | €675 | - | -€675 | |
| Remuneration, social security and pensions | 62 | - | €7,675 | +€7,675 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,946 | €6,365 | +€4,419 | +227.1% |
| Other operating charges | 640/8 | €499 | €1,022 | +€523 | +104.7% |
| Gross operating margin | 9900 | €34,287 | €32,102 | -€2,185 | -6.4% |
| Operating profit (loss) | 9901 | €31,842 | €17,041 | -€14,801 | -46.5% |
| Financial income | 75/76B | €1,874 | €1,399 | -€475 | -25.3% |
| Recurring financial income | 75 | €1,874 | €1,399 | -€475 | -25.3% |
| Financial charges | 65/66B | €2,199 | €3,703 | +€1,505 | +68.4% |
| Recurring financial charges | 65 | €2,199 | €3,703 | +€1,505 | +68.4% |
| Profit (loss) for the period before taxes | 9903 | €31,518 | €14,737 | -€16,781 | -53.2% |
| Income taxes | 67/77 | €8,916 | €3,313 | -€5,602 | -62.8% |
| Profit (loss) for the period | 9904 | €22,602 | €11,423 | -€11,178 | -49.5% |
| Profit (loss) for the period to be appropriated | 9905 | €22,602 | €11,423 | -€11,178 | -49.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.